Renting out property

cazmac_2

We are in the fortunate position of having 2 properties (both mortgaged), which we were going to sell in order to fund a house in to live in. My husband has recently been working for a financial advisor who suggested that selling would be a v bad thing and that we should rent both out and take out a mortgage to buy somewhere for ourselves. Having been previously 'stung' by tenants who wrecked (literally) one of our houses I am very wary of entering the landlord market again. Also, am unsure of the financial implications (ie tax liability etc) of entering this arena again, particularly with 2 houses. Both mortgages were sold to us when we were in our 20s, and we believed the hype that we would be able to buy a "new car" once we reached the end. We have been informed that both have projected shortfalls.
Any choice pieces of advice would be gratefully received,
Cx

Happy_saver_4

Is your projected mortgage shortfalls because they were Endowment policies ?

If so, the information here: Endowment Mis-selling may help you gain some recompense? Depending upon your circumstances.

I should take professional advice from an Accountant regarding the 'tax implications' of the proposals. The Financial Advisor (whom your husband works for) should be able to suggest a good accountant for some advice?

cazmac_2

Thanks for the above advice. Yes the mortgage shortfalls are due to mis-sold policies. This will be addressed, however I believe that we are running short of time to do this so it's something I need to get on to asap.
Cheers.